• Tuesday, December 05, 2023
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Market gains N185bn as investors hunt for consumer goods, banking stocks

Market gains N185bn as investors hunt for consumer goods, banking stocks

The Nigerian equities market rose by 0.51 percent or N185billion on Tuesday, its second time this week.

The positive close at the Nigerian Exchange Limited (NGX) on Tuesday came as investors continued their bargain hunting in favour of banking and consumer goods stocks while insurance and oil & gas stocks were on offer.

The market has risen this week by 1.42percent, while this month and year, it has risen by 3.35 percent and 29.73percent.

The Nigerian Exchange Limited (NGX) All-Share Index (ASI) and equities market capitalisation increased from preceding trading day’s lows of 66,151.38 points and N36.205trillion respectively to 66,490.34 points and N36.390trillion.

Read also: FX derivatives market turnover down by 70.42%

FBN Holdings, Japaul Gold, UBA, Access Corporation, and Transcorp were actively traded stocks. In 7,932 deals, investors exchanged 436,956,185 shares valued at N7.013billion.

Futureview analysts in their weekly stock recommendations had said that they expect a mixed sentiment in the market this week, “considering that there are many stocks trading at attractive discount”.

They asked investors to buy Guinness, Lafarge Africa, BUA Cement, Fidelity Bank, Fidson, Access Corporation, Nestle, Nigerian Breweries, MTNN, NEM and Axa Manard. They analysts expect these stocks to over the next 12 months return at least 10percent above their current market price.

Champion Breweries led the league of gainers after rising from N2.90 to N3.19, up by 29kobo or 10percent. It was followed by Flour Mills which rose from N30 to N33, adding N3 or 10percent.

NASCON also moved up from N49.20 to N54.10, adding N4.90 or 9.96percent, followed by Dangote Sugar Refinery which was up from N52.25 to N57.45, adding N5.20 or 9.95percent, and NAHCO which advanced from N20.10 to N22.10, up by N2 or 9.95percent.